Manchin is making moves against the Biden administration as he prepares for a tough re-election battle in 2024.
the two men were sponsoring alongside West Virginia Republican Shelly Capito challenging a Biden Administration rule allowing Wall Street firms to base their investment strategies for Americans' retirement funds on social issues, rather than solely profits.
The principle—commonly referred to as environmental, social, and corporate governance—puts the country's economy"in jeopardy" by allowing companies to place environmental concerns over profit in a move they said would undermine investors' ability to maximize the value of their retirement funds. West Virginia Democratic Sen. Joe Manchin, pictured here with a smokestack from a power plant in Hoboken, NJ. Manchin is sponsoring a bill banning investment firms from basing their investment strategies for people's retirement funds based on their concerns for the environment or other social issues.But Manchin also claimed the practice could potentially undermine U.S.
"Look at what [Russian President Vladimir] Putin did when he weaponized energy," Manchin said."The geopolitical risk should be evaluated the same as anything else...if you're trying to put pressure and get rid of fossil [fuels] before we have anything to replace it, you are going to damage our economy and make our country much weaker. That's why I've been fighting for energy security.
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